ABOUT THE PROPERTYZKS and Carlyle entered into a forward purchase contract to acquire Sierra Point I from Opus West upon completion. During the construction of the building, market rental rates increased substantially. By the time of acquisition in February 2000 the building was 100% leased, with most of the tenant improvements to be completed. ZKS quickly sold the building in December 2000, generating a realized IRR of 147%.
INVESTMENT DATA
Capital Partner The Carlyle Group
Purchased From Opus West
Sold to Matteson Realty
Date Purchased February 2000
Date Sold December 2000
Purchase Price $35,600,000 ($180 psf)
PROPERTY DESCRIPTION
Location Brisbane, CA
Submarket North San Mateo County
Property Type Class A Office
Property Description One 8-story building
Rentable Square Feet 197,740
Year Built 2000